Cashel, like many investor groups, noticed the potential to turn REOs into profitable rentals, prompting the firm to agree to the acquisition of $500 million in distressed single-family homes.

Cashel selected Austin-based PropertyAccess to manage the assets. PropertyAccess will work in tandem with Cashel helping them to renovate and maintain the properties, while also managing rentals and future resale activity.

"There is a new asset class emerging in the United States, the single family rental (SFR). The amount of interest it’s garnering from the capital markets coupled with the unprecedented volume of potential inventory is creating an economic opportunity that hasn’t been available before in residential rental housing," said Paul Hayman, CEO of PropertyAccess. "This opportunity brings with it dramatic social and economic benefits that can positively impact families and neighborhoods across America while at the same time providing economic returns for investors."

Austin-based PropertyAccess is a division of asset management firm TenantAccess.

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Kerri Ann Panchuk was the Online Editor of HousingWire.com, and regular contributor to HousingWire magazine. Kerri joined HousingWire as a Reporter in early 2011 and since earned a law degree from Southern Methodist University. She previously worked at the Dallas Business Journal.

This month inHousingWire magazine

Eight years after we began recognizing women for their influential work in the expanding housing and mortgage finance ecosystem, a traditionally male-dominated field, our Women of Influence list is bigger and better than ever! This year, we honor 85 women who are making lasting achievements in each sector of the housing economy. Read on to learn more about these accomplished women and the strides they are making in their industry segments.

Feature

The financial world at large is experimenting with changing its workforce culture in ways not fathomable 10 years ago. For example, in 2011, the dress code for female workers at UBS came to light with unflattering results. In it, the Swiss bank instructed female employees on not just how to dress and how to smell, but also preached the importance for ladies to apply lotion after taking showers. Fast forward to today and fellow Swiss bank, Credit Suisse has now created an official role to boost equal opportunities and create a fair treatment environment. Has the American mortgage industry made similar progress?

Commentary

The conversation around student loan debt and its economic impact on Millennials, those born from 1980 to 1998, has some questioning whether the future of the American Dream is in jeopardy. The nation’s student loan debt has soared to $1.4 trillion, surpassing credit cards in becoming the largest source of personal debt outside a mortgage.